Few metropolitan areas in the United States can match the vibrancy displayed by the Dallas-Fort Worth area. From a real estate perspective alone, Dallas gives companies access to a rich and skilled workforce while also providing affordable housing, prompting it to be ranked 5th on a recent list of U.S. real estate markets to watch from PWC and the Urban Land Institute.
Of course, such lofty rankings don't happen by coincidence. Instead, they are a result of a number of coordinated factors that, collectively, make DFW so attractive to companies, families, and individuals looking to establish roots in an economically robust, socially diverse region with a rich history and bright future. TenantBase has collected a handful of those factors that make DFW such an enticing choice in real estate.
Companies Moving to Dallas-Fort Worth
With so many major corporations moving to the Dallas-Fort Worth area, a ripple effect continues to be felt throughout the region's real estate industry. Specifically, such corporate migration into DFW has significantly impacted the residential, commercial, and real estate sectors of the local economy, all realizing significant benefits with robust job opportunities and still more to come.
Toyota, for example, is in the process of relocating approximately 4,000 jobs from its previous headquarters in Torrance, California to Plano over the next few years. Speaking to the allure of the DFW area, Toyota’s North American CEO, Jim Lentz, recently stated that nearly 75% of those 4,000 employees might be relocating to Plano rather than maintaining their California ties.
Likewise, J.P. Morgan Chase has decided to move 6,000 workers to its new office campus near the southwest corner of the Dallas North Tollway and State Highway 121. On the technology front, Facebook's North Fort Worth data center is the largest such project currently under construction in all of North Texas. The social media giant also recently added another 50 acres to its current property in North Fort Worth to allow for even further expansion. Of course, Toyota, J.P. Morgan Chase, and Facebook are just a handful of examples of companies actively moving thousands of jobs into the local DFW economy.
Retail Spaces Being Transformed
A surging retail economy throughout the DFW area continues to transform itself through the redevelopment of old-fashioned mall space into mixed-use projects as well as the increasing impact of e-commerce on traditional bricks and mortar models. To that point, five primary trends are converging to reshape the retail sector to match a dynamic, rapidly evolving economy:
Obsolete department stores are rapidly being torn down in favor of space that better matches the diverse demands of a segmented consumer base
The retail industry continues its maturation by shifting from older, more antiquated models to agile, digital commerce-based ones
Apparel manufacturing also continues to experience fundamental changes that significantly diverge from older practices
The customer base is quickly evolving, as evidenced by substantial changes in consumer demographics and preferences
Rapid advancements in retail technology continues to drive nearly all economic sectors, including e-commerce
TenantBase: Your Partner for Navigating the Competitive DFW Office Space Market
As beneficial as a thriving local economy is to companies and consumers alike, it can also present challenges within the commercial real estate market. As businesses continue to move to the DFW area, a domino effect will remain intact as companies follow the lead of other companies. In other words, when organizations expand operations into the region, partner or client companies will follow suit, only further increasing the already high demand for office space within the DFW marketplace.
Fortunately, TenantBase is here to share our expertise in navigating the competitive DFW office space market, providing real-time listings of available space within the area to give you a continual advantage in finding your ideal space. Give TenantBase the opportunity to demonstrate the difference true experts can make and start the search for your new DFW office space today.